24156 - Afren

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Summary of Proposed Investment

Project Number

24156

Company Name

AFREN PLC

Date SPI Disclosed

Feb 10, 2005

Country

Africa Region

Industry

Metals and Mining

Projected Board Date

Mar 14, 2005

Status

Completed

Sector

Oil and Gas Production (Includes Development)

Department

Regional Industry - INF Africa

Environmental Category

B - Limited

Previous Events

Approved : Apr 12, 2005
Signed : Apr 13, 2005
Invested : Sep 24, 2015

Project Description

Afren plc (Afren or the company) is a newly-established independent exploration and production (E&P) company with an exclusive focus on Africa. It plans to engage initially in the highly-prospective Gulf of Guinea, as a platform for longer-term penetration throughout Africa’s hydrocarbon provinces. The company is currently raising “seed” financing to fund its establishment and initial operating costs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	1.0

Development Impact

At present there is no independent Africa-focused and sponsored E&P company of international standing. Afren wishes to establish itself as a truly African-owned and run business which actively pursues opportunities for local participation in the development of the continent’s oil and gas reserves. This will take several forms:

- in addition to the African nationality and experience of its founders and directors, commitment to employ staff - both in London and its West African offices - either from Africa or with extensive African experience;
- targeting a high share of African ownership, via secondary listings in Lagos and/or Johannesburg;
- placing a special emphasis on cooperating with African national oil companies and other local counterparties; and
- working closely with local communities in its areas of operation.

IFC will support an E&P company exclusively focused on projects in Africa and committed to working with local partners, thereby enabling African companies to benefit from the liberalization of the continent’s oil and gas sector. IFC''s early participation will also achieve the following:

- assist the company in mobilizing much needed expansion capital,
- enhance the credibility of Afren by helping it attract investors with high integrity, and
- add value in the areas of environmental and social policy.

This is a Category B project, according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
Location of environmental documents In locally affected community
Environmental documentation will be made available at the following location:

Office of Taylor-de-Jongh (Afren’s financial adviser) -
4, Millbank –
London, SW1P 3JA
United Kingdom

Contacts

For Inquiries About the Project, Contact

Mr. Galib Virani, Associate Director
Kinnaird House
1 Pall Mall East
London, SW1Y 5AU
England

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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